Paloma Partners Management Co Purchases Shares of 5,501 International Seaways, Inc. (NYSE:INSW)

Paloma Partners Management Co bought a new position in International Seaways, Inc. (NYSE:INSW) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,501 shares of the transportation company’s stock, valued at approximately $284,000.

A number of other hedge funds have also modified their holdings of INSW. Martingale Asset Management L P increased its position in shares of International Seaways by 2.9% in the third quarter. Martingale Asset Management L P now owns 61,805 shares of the transportation company’s stock worth $3,187,000 after acquiring an additional 1,725 shares in the last quarter. PEAK6 Investments LLC acquired a new position in International Seaways in the 3rd quarter worth approximately $682,000. Cynosure Group LLC boosted its stake in International Seaways by 6.6% in the 3rd quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company’s stock worth $370,000 after purchasing an additional 447 shares during the period. FMR LLC grew its position in International Seaways by 221.0% during the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after purchasing an additional 414,610 shares in the last quarter. Finally, Kingsview Wealth Management LLC acquired a new stake in International Seaways during the 3rd quarter valued at $2,161,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INSW has been the subject of several recent analyst reports. Jefferies Financial Group decreased their target price on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $60.67.

International Seaways Stock Performance

Shares of NYSE INSW opened at $37.56 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. International Seaways, Inc. has a one year low of $37.33 and a one year high of $65.94. The business’s 50-day moving average price is $45.36 and its two-hundred day moving average price is $51.97. The company has a market capitalization of $1.85 billion, a P/E ratio of 3.63 and a beta of -0.10.

International Seaways (NYSE:INSW) last announced its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.42 by $0.15. The business had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.99 EPS. Analysts anticipate that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a dividend of $1.32 per share. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 14.06%. International Seaways’s dividend payout ratio is 4.64%.

Insider Activity at International Seaways

In other International Seaways news, SVP Derek G. Solon sold 1,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.75, for a total transaction of $49,750.00. Following the transaction, the senior vice president now owns 46,887 shares in the company, valued at $2,332,628.25. This trade represents a 2.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the sale, the director now owns 16,109 shares of the company’s stock, valued at $792,079.53. The trade was a 23.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,200 shares of company stock valued at $758,822. Insiders own 1.90% of the company’s stock.

About International Seaways

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.